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Computation of Earnings per Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Computation of Earnings per Share
C)
Computation of Earnings per Share. Basic earnings per share is computed by dividing net income or loss by the weighted average number of common shares outstanding.  Diluted earnings per share is computed by dividing net income or loss by the weighted average number of common shares outstanding plus additional common shares that would have been outstanding if dilutive potential common shares had been issued.  For the purposes of this calculation, stock options are considered common stock equivalents in periods in which they have a dilutive effect.  Stock options that are anti-dilutive are excluded from the calculation.
 
Net income per share is calculated as follows (in thousands, except per share data):
 
   
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
   
2013
    
2012
    
2013
    
2012
  
Net income (loss):
                        
   Income (loss) from continuing operations
   ($ 1,153 )   $ 10,080     $ 1,011     $ 65,981  
   Income from discontinued operations
     -       217       -       360  
        Net income (loss)
   ($ 1,153 )   $ 10,297     $ 1,011     $ 66,341  
                                 
Shares outstanding:
                                
   Weighted-average common shares outstanding
     22,571       22,339       22,533       21,609  
   Additional dilutive common stock equivalents
     -       162       90       279  
   Diluted shares outstanding
     22,571       22,501       22,623       21,888  
                                 
 Basic net income (loss) per share:
                                
 Basic net income (loss) per share from continuing operations
   ($ 0.05 )   $ 0.45     $ 0.04     $ 3.05  
 Basic net income per share from discontinued operations
     0.00       0.01       0.00       0.02  
       Basic net income (loss) per share
   ($ 0.05 )   $ 0.46     $ 0.04     $ 3.07  
                                 
 Diluted net income (loss) per share:
                                
 Diluted net income(loss) per share from continuing operations
   ($ 0.05 )   $ 0.45     $ 0.04     $ 3.01  
 Diluted net income per share from discontinued operations
     0.00       0.01       0.00       0.02  
       Diluted net income (loss) per share
   ($ 0.05 )   $ 0.46     $ 0.04     $ 3.03  
 
For the three months ended September 30, 2013, common stock equivalents of 111,349 were not included in the per share calculation for diluted EPS, because we had a net loss and the effect of their inclusion would be anti-dilutive.
 
For the three month periods ended September 30, 2013 and 2012, options to purchase 825,338 and 25,000 shares of common stock, respectively, were outstanding, but were not included in the computation of diluted EPS because the options’ exercise prices were greater than the average market price of the common stock and thus would be anti-dilutive.
 
For the nine month periods ended September 30, 2013 and 2012, options to purchase 825,338 and 829,504 shares of common stock, respectively, were outstanding, but were not included in the computation of diluted EPS because the options’ exercise prices were greater than the average market price of the common stock and thus would be anti-dilutive.